CaliberCos Inc (NASDAQ:CWD) shares are gaining traction on Wednesday after the company provided an update related to its crypto treasury strategy.
What Happened: CaliberCos, a diversified real estate and digital asset management platform, said it closed a $15.9 million securities purchase agreement with an institutional investor for Series B perpetual convertible preferred stock. The company also activated an At-The-Market (ATM) equity program under its existing $50 million shelf registration.
Under the $15.9 million investment, Caliber issued 15,868 shares of Series B Preferred Stock, at a price of $1,000 per share. The Series B preferred stock is convertible into common shares at $250 per share.
The ATM program provides approximately $10.3 million in the initial capacity to sell common stock at existing market prices. Proceeds from both the preferred issuance and ATM facility will be used to support Caliber's growth initiatives, including further accumulation of Chainlink (CRYPTO: LINK) tokens as part of its digital asset treasury strategy.
“This perpetual preferred investment, paired with the flexibility of our new ATM program, strengthens Caliber’s balance sheet and provides us with capital to continue executing our strategy,” stated Chris Loeffler, CEO of Caliber.
Caliber is the first Nasdaq-listed company to publicly announce the adoption of a treasury strategy anchored in Chainlink. Several companies announced crypto treasury strategies in recent months and experienced a positive market reaction.
CWD Price Action: CaliberCos shares were up 19.79% at $7.61 at the time of publication on Wednesday, according to Benzinga Pro.
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